Phoenix Biotech Acquisition and CERo Therapeutics announced that their business combination has closed.
Shares of the combined public company were approved for listing on the Nasdaq and began trading today under the ticker symbol CERO.
CERo is an immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms.
The SPAC’s shareholders approved the merger Feb. 12, although total redemptions claimed 99.5% of the shares outstanding. However, Phoenix Biotech also had a $2 million PIPE to support the deal.
The parties earlier this month adjusted the terms to increase the number of shares CERo stockholders would be paid, from 4,651,704 shares to 5 million shares. Read more.
